CVNA - Carvana stock rises on a more positive Q2 forecast

2023-06-08 08:24:31 ET

• Carvana ( NYSE: CVNA ) shares surged more than 30% after the company enhanced its Q2 guidance ahead of the William Blair 43rd Annual Growth Stock Conference.
• For Q2, the company now expects to achieve adjusted EBITDA above $50M (prior positive adjusted EBITDA); Non-GAAP total gross profit per unit expected to be above $6,000 (prior above $5,000), representing a new company record and an over 63% improvement Y/Y; Loans sold or securitized quarter-to-date total approximately $2B, compared to $1.3B sold or securitized quarter-to-date as of May 4th, 2023.
• The company continues to see sequential reduction in retail units.
• “Our record-breaking 2023 first quarter is evidence that our strategy is working and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” says Ernie Garcia, Carvana Founder and CEO. “The team’s persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan.”
• Press release

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